The family of steel billionaire Lakshmi Mittal, founder of ArcelorMittal, has agreed to acquire a controlling stake in Rajasthan Royals in partnership with Adar Poonawalla. The Mittal family and Adar Poonawalla have acquired RR from Manoj Badale and his consortium.

The transaction values the business at approximately $1.65 billion (₹15,660 crore) and covers the Rajasthan Royals men's franchise, as well as Paarl Royals in South Africa and Barbados Royals in the Caribbean.

Following completion, the Mittal family will own around 75% of Rajasthan Royals, while Poonawalla will hold about 18%. The remaining 7% will stay with approved existing investors, including Badale.

The deal is expected to close in Q3 2026, subject to approvals from the Board of Control for Cricket in India, the Competition Commission of India, the IPL Governing Council, and other regulators.

The Rajasthan Royals team remains one of the original IPL teams and won the inaugural season in 2008. The franchise has built a reputation for identifying and developing emerging talent while competing with financially stronger rivals. The incoming owners are expected to inherit not only a cricket team, but also a global multi-league sports brand spanning India, South Africa, and the Caribbean.

Lakshmi Mittal, Aditya Mittal, Vanisha Mittal-Bhatia, Adar Poonawalla, and Manoj Badale will join the board of The Rajasthan Royals. Aditya Mittal is Lakshmi Mittal's son, while Vanisha Mittal-Bhatia is his daughter.

Why the Mittals are interested

Lakshmi Mittal said the investment also carries a personal connection. "I love cricket and my family is from Rajasthan, so there is no IPL team that I would rather be part of than the Rajasthan Royals," he said in a statement. "Many great players have worn the Rajasthan Royals shirts...I look forward to being part of this great team."

Mittal was born and raised in Sadulpur in north Rajasthan, giving the acquisition an emotional link to the state. Aditya Mittal described the IPL as one of the world's biggest sports leagues and called Rajasthan Royals one of its most iconic teams. "The Royals is well known for developing new talent - that resonates deeply with me."

Adar Poonawalla joins the ownership group

Serum Institute CEO Adar Poonawalla, who joins as a minority partner, said he was pleased to back the franchise's next phase. "Rajasthan Royals is a premier IPL franchise with a strong legacy, and I look forward to supporting its continued growth and long-term success," he said. 

His addition gives the ownership group another high-profile business name with deep financial firepower.

(Rupee conversion is approximate, based on $1 = ₹94.91)

Published on: May 3, 2026 1:56 PM IST